With that, the GOP moves closer to its promise of remaking U.S. tax law under a Republican-led government. It still needs to overcome significant disagreements for the House and Senate to craft a joint bill and send it to President Donald Trump's desk.

Republicans hope to reach a deal by Christmas, and passing the tax bill would give the Trump administration its first major legislative victory.

Commentators have previously said that this year's Santa Claus rally — a phenomenon that refers to the end of December and early January period where stocks historically record gains — is dependent on the eventual outcome of the U.S. tax bill.

As lawmakers continue to negotiate over tax reform, in this week's Trader Poll, tell us your predictions for this year's Santa Claus rally.